Cost Management - EBS (MOSC)

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FIFO - Return to Vendor Transaction Costing

edited Nov 7, 2015 10:02AM in Cost Management - EBS (MOSC) 2 commentsAnswered

Hi,

A return to vendor transaction (Quantity 30) has generated the following accounting entries. FIFO costing method is used.

Dr. Inventory Receiving Clearing           16260

Dr. Cost Variance                                15718                                  

Cr. Stores                                                        31978

I would like to know why an entry has been generated to the cost variance account and how the amount has been calculated.

The item cost details are mentioned below.

Thank you.

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